The average 45-year-old Canadian employee earning $60,000 per year will need to accumulate $1.4 million in retirement savings by age 65 if they want to retire comfortably, according to a new report by Aon. It found since 2019, the average employee requires an additional $100,000 in private retirement savings, partly due to a one per […]
More than a third (38 per cent) of U.S. employees increased their 401(k) contributions by an average of three per cent in 2021, according to a new survey by Fidelity Investments Inc. By the end of 2021, 83 per cent of workers with a 401(k) received a contribution from their employer, with the average employer […]
Almost two in five (39 per cent) Canadians are confident in their retirement plan, according to a survey conducted by Pollara Strategic Insights for the Bank of Montreal Financial Group. The survey, which polled 1,500 adult Canadians, found while respondents said they need $1.6 million to retire securely, just under half (44 per cent) were […]
The Saskatchewan Pension Plan is increasing its 2022 contribution limit to $7,000. Plan members can now qualify to save the tax on up to $7,000 in income from the previous year. In a press release, the multi-employer defined contribution pension plan sponsor said the limit increase makes it an increasingly attractive option for employers looking […]
Almost half (44 per cent) of Canadians agreed the coronavirus pandemic has negatively impacted their ability to save for retirement and, as a result, 31 per cent have changed their financial priorities, according to a new survey by Edward D. Jones & Co. The survey, which polled more than 1,500 adult Canadians, also found 33 […]
The vast majority (84 per cent) of Canadian employees consider an employer-sponsored retirement plan to be a critical benefit, according to a new survey by Manulife Investment Management Holdings (Canada) Inc. It found 60 per cent of employees would be unlikely to work for a company that doesn’t offer a retirement plan. In addition, employees […]
Nearly a third (29 per cent) of Canadians expressed concern about the impact of rising inflation on their retirement savings, according to a new survey by the Royal Bank of Canada. It found concerns about inflation were highest among respondents aged 25 to 34 (40 per cent). In addition to inflation, which reached a 30-year […]
Despite the financial challenges experienced by Canadians over the course of the coronavirus pandemic, 40 per cent said they’ve continued to save for retirement, according to a new survey by life insurance provider PolicyMe Corp. More than half (54 per cent) of survey respondents said they’re adding to their emergency funds, while 48 per cent […]
Just over half (51 per cent) of U.S. employees — including 65 per cent of generation Z respondents — agreed employers have a responsibility to help workers improve and maintain financial wellness, according to a new survey by the Teachers Insurance and Annuity Association of America-College Retirement Equities Fund. The survey, which polled more than […]
More than 19 months into the coronavirus pandemic, employers are focusing on enhanced mental-health offerings and streamlined communications for their benefits and pension plans. During a virtual roundtable on Oct. 14, the 2021 Workplace Benefits Awards finalists discussed the changes brought about by the pandemic and how they’ve adapted their benefits and pensions offerings, while looking […]